Page 29 - Annual Report 2017

Financial Performance FIGURE 9 - Financial Performance 2017
2017 1,800,000
1,600,000
The CARILEC Seaetariat outperformed budgeted
1,400,000
surplus of US$l66,400 fOf the year 2017 _ The net
surplus position realised was USS270,737. 1,200,000
1,000,000
Talai revenue exceeded budget by US$l 06,480 or
800,000
7"10, there was a commensurate increase in direct 600,000
cost of US$97 ,240 or 23% however, overhead cost
fell below budget by USS60,098 or 7%. 400,000

Notable Highlights for year 2017

, The four conferences executed fOf the year
earned strong fmancial performances
particulany the Engineering Conference.
Z Training department oUlperformed the
number of planned courses, earned a
surplus on every (ourse delivered and Cash flows trom investing activities • Implemented a flooring of USS400,OOOand
earned administrative fees !rom (AREC cei1ing of USS 800,000 With Ihe ceiling in
3 Sayings in Corporale Services departmenl • Increase in Investment Se<urities of effe<l, utilities saw a reduction in 2017
due to controlled cost and non· exe(Ulion of
USS20,984 represented by interest earned yearly subscriplion Irom USS3,OOO 10
planned activllies. on investment of lunds. USS2,200.
• Payment to acquire lixed asselS of USS21,057
Challenges/comments
represented mainly by engineering and Haiti Fund
architectural work done for the proposed
1 There was nol a hire of an Administration new building. • In 2016, through the assistance 01 Caribbean
Clerk, a position budgeted for in 2017. Disaster Emergency Managemenl Agent)'
2 CARllEC u5ed only 20% of the allocation lor Cash flows trom financing activities (CDEMA) has idft1lilied the School Rehabilitation
2017 CARllEC gives back programme. Proje<t in Les Cayes in Haili as a possible
• A net de<rease in Hurricane Fund ReseIVes recipienl of Ihe CARILEC Disasler Fu nd
Balance Sheet and Cash of USS122,869 mainly due to provision for
Flow Statements reimbursement to Dominica Electricity Disaster Fund
SeIVices Ltd (DOMlEC), Anguilla Electricity
SeIVices (ANGlEC) and British Virgin Islands Administration Summary
4 The main lactors contributing to the net
increase in Cash of USSI 16,953 during the (BVIEC) after the passage of Hurricanes Irma of Movements in
and Maria.
period are as lollows: Disaster fund for 2017
Cash flows trom operating activities Other highlights TABLE 15 - Summary of the
Fund Movement for 2017
• Increase in AccounlS Re<eivables as a result Disaster Fund
of increased activities. Summary of Movements
10 Dryster fund
• Increase InAccounlS Payables due to unpaid • The Board of Oire<tors (BOO) at the l06th 723,260
bills (timing issue), and a provision lor Board Meeting approved the following Balance at 01.01.17
reimbursement to Dominica Ele<tricity changes to the administration of Ihe Administrative Fee (10,000)
SeIVices ltd (DOMlEC), Anguilla Ele<tricity Disaster Fund: Membership Contributions 59,400
SeIV;ces (ANGlEC) and British Virgin Islands • Increase 01 maximum reimbursemenl pay Disbursements to Members (202,565)
(BVIEC) after the passage of Hurricanes Irma out lrom USSSO,OOO 10 USS75,OOO. Interest lncome
and Maria. Balante al31 1217

""N'UALREPORT2fI17 27